a company has an overhead application rate of 123 of direct labor costs 540740

A company has an overhead application rate of 123% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $25,000?

	$15,375.
	$20,325.
	$307,500.
	$25,000.
	$30,750.

Use the following information about the current year’s operations of a company to calculate the cash paid for merchandise.

Cost of good sold	$ 238,000
Merchandise inventory, January 1	66,800
Merchandise inventory, December 31	68,200
Accounts payable, January 1	65,200
Accounts payable, December 31	71,800

	$246,000.
	$243,200.
	$230,000.
	$238,000.
	$232,800.

A machine with a cost of $142,000 and accumulated depreciation of $97,000 is sold for $56,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:

	$45,000.
	Zero. This is an operating activity.
	$11,000.
	$56,000.
	Zero. This is a financing activity.
4- The Goods in Process Inventory account for AB Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory.

Goods in Process Inventory

Beginning balance	5,200
Direct materials	47,800
Direct labor	30,300
Applied overhead	16,500	?	Finished goods

Ending balance	10,300

The cost of units transferred to finished goods is:

	$94,600.
	$99,800.
	$98,000.
	$89,500.
	$110,100.

The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $4,809 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $2,100 and direct labor cost of $900. Therefore, the company’s overhead application rate is:

	43%.
	50%.
	201%.
	86%.
	233%.
6- Estimated overhead and direct labor costs for the year were $114,500 and $124,700, respectively. During the year, actual overhead was $107,100 and actual direct labor cost was $117,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include(Round predetermined overhead rate to nearest whole percentage.):

	A debit to Cost of Goods Sold for $540.
	A credit to Cost of Goods Sold for $540.
	A debit to Goods in Process Inventory for $540.
	A credit to Finished Goods Inventory for $540.
	A credit to Factory Overhead for $540.

In preparing a company’s statement of cash flows for the most recent year on the indirect method, the following information is available:

Net income for the year was	$ 62,000
Accounts payable decreased by	28,000
Accounts receivable decreased by	35,000
Inventories increased by	15,000
Cash dividends paid were	16,000
Depreciation expense was	40,000

Net cash provided by operating activities was:

	$94,000.
	$78,000.
	$54,000.
	$150,000.
	$40,000.
8 Ajax Company accumulated the following account information for the year:

Beginning raw materials inventory	$ 6,900
Indirect materials cost	2,900
Indirect labor cost	5,900
Maintenance of factory equipment	3,700
Direct labor cost	7,900

Using the above information, total factory overhead costs would be:

	$9,600.
	$20,400.
	$18,500.
	$15,700.
	$12,500.
9- A company had net cash flows from operations of $85,200, cash flows from financing of $360,000, total cash flows of $324,000, and average total assets of $2,400,000. The cash flow on total assets ratio equals:

	3.75%.
	3.55%.
	13.50%.
	15.00%.
	26.30%.

10-

Ajax Company accumulated the following account information for the year:

Beginning raw materials inventory	$ 6,900
Indirect materials cost	2,900
Indirect labor cost	5,900
Maintenance of factory equipment	3,700
Direct labor cost	7,900

Using the above information, total factory overhead costs would be:

11-

Juliet Corporation has accumulated the following accounting data for the year:

Finished goods inventory, January 1	$ 2,200
Finished goods inventory, December 31	3,000
Total cost of goods sold	8,200

The cost of goods manufactured for the year is:

	$11,200.
	$9,000.
	$10,400.
	$6,000.
	$5,200.

12-

Salaries expense	$ 176,000
Salaries payable, January 1	7,200
Salaries payable, December31	12,200

	$171,000.
	$183,200.
	$176,000.
	$163,800.
	$181,000.

13 Typical cash flows from investing activities include each of the following
except:

	Payments to acquire held-to maturity securities of other entities, except cash equivalents.
	Proceeds from the sale of equipment.
	Proceeds from collecting the principal amount of notes receivable arising from intercompany transactions.
	Payments to purchase property, plant and equipment or other productive assets (excluding inventory).
	Proceeds from collecting the principal amount of notes receivable arising from customer sales.

14-

Trenton reports net income of $247,000 for the year ended December 31, Year 2. It also reports $95,100 depreciation expense and a $5,850 gain on the sale of equipment. Its comparative balance sheet reveals a $38,900 decrease in accounts receivable, a $17,450 increase in accounts payable, and a $13,650 decrease in wages payable. Calculate the net cash provided (used) in operating activities using the indirect method.

	$344,050.
	$406,250.
	$384,800.
	$378,950.
	$283,950.

A cash equivalent is an investment that:

	Is highly liquid.
	All of the choices are correct.
	Generally is within 3 months of its maturity date.
	Is sufficiently close to its maturity date so its market value is unaffected by interest rate changes.
	Is readily convertible to a known amount of cash.

Bottom of Form Top of Form A cash equivalent is an investment that:

	Is highly liquid.
	All of the choices are correct.
	Generally is within 3 months of its maturity date.
	Is sufficiently close to its maturity date so its market value is unaffected by interest rate changes.
	Is readily convertible to a known amount of cash.

Bottom of Form

Note: need a detailed explanation

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a company has an overhead application rate of 123 of direct labor costs 540740

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